No One is Talking About this Triple Top, DOW
Updated
Normally, I keep my trading and analyses to crypto, but this Dow Jones setup looks too good to ignore. Factoring in all of the bearish signs from fundamental analysis (rising interest rates, rising unemployment, slumping retail sales, and gov't shutdown), it's tough to argue that the stock market will break the previous high, especially considering the bearish divergence on RSI.
Triple top formation is possible. I'm playing a conservative short to the .382 fib retracement line for 6.4%. Setting my stop-loss right above the last swing high. Will start stacking my shorts as we near that 26700 resistance.
Entry: 26500
Exit: 24800
Stop-loss: 27000
Risk/Reward: 3
Triple top formation is possible. I'm playing a conservative short to the .382 fib retracement line for 6.4%. Setting my stop-loss right above the last swing high. Will start stacking my shorts as we near that 26700 resistance.
Entry: 26500
Exit: 24800
Stop-loss: 27000
Risk/Reward: 3
Trade active
Entered 'The Big Short' at the pre-defined entry price. Let's see if we can ride this down to our 6% TP and beyond.Trade active
Added more to the short at the failure of this S/R retest (see chart). Diversified into NASDAQ and S&P actually, as I expect more volatility there compared to the DOW. I'm considering adding even more to the short this week but don't want to be vulnerable to whatever Trump & Xi decide on Friday in regards to the trade war. Since I don't have enough information on that, I'll hold my position and reassess at the start of next week.
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